Refer to Figure 16-5. Suppose the firm represented in the diagram decides to practice perfect price discrimination. What is the total revenue collected by the firm?
A) $6,720 B) $7,680 C) $10,240 D) $13,440
D
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Consider a fall in the wage rate. How does the substitution effect change the amount of labor that a firm hires? How does the scale effect change the amount of labor that a firm hires? What do these effects imply about the firm's long-run demand for labor?
What will be an ideal response?
A firm's total profit can be calculated as all of the following except
A) total revenue minus total cost. B) (price minus average total cost) times quantity sold. C) average profit per unit times quantity sold. D) marginal profit times quantity sold.
The money-creation multiplier is the
A) same as the income-determination multiplier. B) amount by which the money supply would rise with a $1 increase in the supply of high-powered money. C) amount by which the money supply of high-powered money will increase equilibrium GDP. D) amount by which a $1 increase in reserves would raise an individual bank's deposit liabilities.
An oligopolist cares very much about what other firms in her industry are doing
a. True b. False Indicate whether the statement is true or false